SELLING OF PROPERTY AFTER EXPIRY OF AGREEMENT


WE HAVE SOLD A PROPERTY TO A PERSON 4 MONTHS BACK AND HE HAVE GIVEN US A BAYANA OF RS.10 LACK. BUT HE REFUSED TO PURCHASE THE PROPERTY IN STIPULATED TIME BECAUSE HE WAS NOT ABLE TO PAY REST OF THE AMOUNT. ITS CLEARLY MENTIONED IN THE AGREEMENT IF HE REFUSES TO PAY REST OF THE AMOUNT THEN THE BAYANA AGAINST THE AGREEMENT WILL BE FORFEITED. WHAT SHOULD WE DO NOW , CAN WE SELL THE PROPERTY TO SOMEONE ELSE AND FOREWITE THE BAYANA GIVEN BY HIM? CAN HE CLAIM THE BAYANA BACK OR ITS COMPLETELY FORFEITED AFTER EXPIRY OF THE AGREEMENT?


Answers (1)

Query perused. We are of the considered opinion that you can very well within your legal rights in selling the property in question to anyone else. Secondly, you can forfeit the earnest money (bayana) as per the terms of the agreement to sell. Legally he will not be entitled to claim the money back. For further consultancy and legal services you may contact us.


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